The First-Time Homebuyer Savings Act of 2026 aims to help individuals save money for purchasing their first home by establishing special savings accounts. The main objective is to make homeownership more accessible for first-time buyers by providing tax benefits for contributions made to these accounts. Key provisions of the Act include the creation of first-time homebuyer savings accounts, which allow eligible individuals to deduct contributions made to these accounts from their taxable income. To qualify, individuals must not have owned a residential property in the past three years.